Jacobs Levy Equity Management Inc. Sells 21,779 Shares of ArcBest Co. (NASDAQ:ARCB)

Jacobs Levy Equity Management Inc. reduced its stake in ArcBest Co. (NASDAQ:ARCB) by 5.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 345,013 shares of the transportation company’s stock after selling 21,779 shares during the quarter. Jacobs Levy Equity Management Inc. owned approximately 1.47% of ArcBest worth $49,164,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its holdings in ArcBest by 9.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 165,175 shares of the transportation company’s stock valued at $23,537,000 after purchasing an additional 14,463 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of ArcBest by 20.5% during the 4th quarter. The Manufacturers Life Insurance Company now owns 154,972 shares of the transportation company’s stock valued at $18,629,000 after purchasing an additional 26,411 shares during the period. Principal Financial Group Inc. lifted its stake in shares of ArcBest by 2.9% during the 1st quarter. Principal Financial Group Inc. now owns 138,764 shares of the transportation company’s stock valued at $19,774,000 after buying an additional 3,918 shares in the last quarter. New York State Common Retirement Fund boosted its holdings in ArcBest by 0.6% in the 4th quarter. New York State Common Retirement Fund now owns 110,748 shares of the transportation company’s stock worth $13,313,000 after buying an additional 620 shares during the period. Finally, Orchard Capital Management LLC increased its stake in ArcBest by 5.5% in the 4th quarter. Orchard Capital Management LLC now owns 101,820 shares of the transportation company’s stock worth $12,240,000 after buying an additional 5,322 shares in the last quarter. 99.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ARCB. Morgan Stanley dropped their price target on ArcBest from $180.00 to $176.00 and set an “overweight” rating for the company in a research note on Monday, July 8th. Wells Fargo & Company began coverage on shares of ArcBest in a report on Friday, June 7th. They set an “overweight” rating and a $140.00 price objective for the company. The Goldman Sachs Group lifted their target price on ArcBest from $133.00 to $149.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. JPMorgan Chase & Co. cut ArcBest from an “overweight” rating to a “neutral” rating and cut their price target for the company from $145.00 to $127.00 in a report on Tuesday, July 9th. Finally, Stifel Nicolaus decreased their price objective on ArcBest from $159.00 to $150.00 and set a “buy” rating on the stock in a report on Wednesday, May 15th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $143.85.

ArcBest Trading Up 2.5 %

ArcBest stock traded up $3.01 during trading hours on Tuesday, hitting $124.32. The company had a trading volume of 215,744 shares, compared to its average volume of 300,615. The firm has a market cap of $2.91 billion, a P/E ratio of 24.41, a P/E/G ratio of 0.97 and a beta of 1.48. The company has a 50-day moving average price of $109.63 and a two-hundred day moving average price of $124.37. ArcBest Co. has a 1 year low of $86.93 and a 1 year high of $153.60. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.23 and a current ratio of 1.23.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings data on Tuesday, April 30th. The transportation company reported $1.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.53 by ($0.19). The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. ArcBest had a return on equity of 15.27% and a net margin of 2.80%. The firm’s revenue for the quarter was down 6.3% compared to the same quarter last year. During the same period last year, the company earned $1.58 EPS. On average, sell-side analysts anticipate that ArcBest Co. will post 8.26 earnings per share for the current year.

ArcBest Company Profile

ArcBest Corporation, an integrated logistics company, engages in the provision of ground, air, and ocean transportation solutions. It operates through two segments: Asset-Based and Asset-Light. The Asset-Based segment provides less-than-truckload (LTL) services, that transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, non-bulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products.